First time selling trailer - private sale

Interesting. How do you know which type is being given to you at the time of sale? On previous sales, I have gone with the buyer to their bank and had the bank issue a cashier's check. I knew at that time the check was legitimate but did not know specifically where the funds were drawn from.
The only way I knew was I asked the guy at the bank. :) He was the one who gave me the short rundown on cahier's checks.
 
The only way I knew was I asked the guy at the bank. :) He was the one who gave me the short rundown on cahier's checks.

This is really news to me as I always though a cashier's check was a draft against the account of the bank, making it highly reliable and negotiable. If it were ultimately a draft against a personal account what would be it's usefulness vs. a personal check?

Could various state banking regulations on this differ?
 
This is really news to me as I always though a cashier's check was a draft against the account of the bank, making it highly reliable and negotiable. If it were ultimately a draft against a personal account what would be it's usefulness vs. a personal check?

Could various state banking regulations on this differ?
Yeah, I thought basically the same thing. That was why I was nonplussed about getting a bad cashier's check. How could it be bad if it was drawn on the bank?
 
This is really news to me as I always though a cashier's check was a draft against the account of the bank, making it highly reliable and negotiable. If it were ultimately a draft against a personal account what would be it's usefulness vs. a personal check?

Could various state banking regulations on this differ?

There are two types of checks where a bank is integrally involved. A certified check and a cashier's check. A certified check is drawn from the customer's account and signed by the account holder. The bank basically certifies that the money is in the account holder's account.........probably. A cashier's check will not be cut by the bank until the bank moves the money from the account holder's account to an account controlled by the bank itself. The customer's name will be nowhere on the cashier's check, as it is a transaction between the bank and the seller. An officer of the bank signs the cashier's check. Many people use the terms "certified check" and "cashiers check" interchangeably, but they are not the same. True cashier's checks, drawn from a bank with a local branch, are a safe form of transaction.
 
After doing some checking, it would appear that the bank person gave me incorrect information. I'm very sorry to have passed along bad information, but I guess even people you think should know better, don't.
 
After doing some checking, it would appear that the bank person gave me incorrect information. I'm very sorry to have passed along bad information, but I guess even people you think should know better, don't.

No Hoopy, I'm glad you brought it up and we learned something. And thanks to [MENTION=37745]Gpo1958[/MENTION] for clarification.

I guess my interest in this is the fact I've taken cashier's checks lots of times on sales while never giving it any thought. While I've never actually seen a certified check, it's good to know what it is too.

Looks like the take home message is to make sure the cashier's check is real not counterfeit. Easy to prove by going to the buyer's bank with him when they cut the check, or verify by contacting the bank.

One other thing I thought of: If you accept cash remember any amount over $10K when taken to your bank for deposit raises a red flag and will be reported.
 
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I would let them take it only after they had purchased it. I do not think it unreasonable to ask it to be fully set up with 30 or 50 amp service to ensure everything works.

Cash or cashiers check. Give them bill of sale and signed title. I just purchased one and took most of it as a cashier's check and some of it as cash. I wanted to have some wiggle room to haggle if I was not happy with it. I was happy and paid exactly what they were asking and still thought I got a great deal.
*** What about ensuring purchaser a 30 day return if they are unhappy for "valid" reason? If so, I think it prudent to do this in writing with an arbitrator agreement. ***
 
*** What about ensuring purchaser a 30 day return if they are unhappy for "valid" reason? If so, I think it prudent to do this in writing with an arbitrator agreement. ***
I think if you want a return window, you need to purchase from a dealer and pay a dealer price. Private sale is usually as is. Caveat emptor.
 
*** What about ensuring purchaser a 30 day return if they are unhappy for "valid" reason? If so, I think it prudent to do this in writing with an arbitrator agreement. ***
Not something I'd ever even consider. Like was said: you have no control over what happens to it once it's left your possession.
 
I would pay for an RV inspection and present the findings (or make the conclusions available) to any potential buyer. This is way I usually sell cars......It just removes the doubt or hesitation from the buyers.

Even as the buyer of my latest RV, the dealer said that it was tip top shape.....my independent inspection revealed 12 issues and the fight was on with the dealership. They thought that GD was at fault and should take care of these issues. I told them that they accepted the inventory and now had to bite the bullet if they wanted this sale.

The potential buyer is seeing a lot of money or investment go out without some confirmation.
 

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